record an enforceable financing commitment which shall be prepared and provided by the City, consistent with the following terms and conditions:
a. Funding not to exceed $1,600,000;
b. The loan shall be for a term of 55 years;
c. Interest will accrue on the loan at a rate of 3% annually; d. The loan will be subject to all the state and/or federal requirements of the City's Permanent Local Housing Allocation Fund;
e. The City's conditional commitment of City funds, and this Resolution shall terminate if Developer has not received full funding for the project by December 31, 2026.
3. This Resolution is subject to all applicable City rules and regulations.
4. This Resolution shall become effective immediately upon final Council approval.
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